"Any proposal would be conditional upon, among other things, due diligence, negotiation of all definitive documentation, receipt of all necessary approvals by the interested party and approval of the Afferro board of directors," the company added.

The London and Toronto listed mine developer owns the 2.5bn tonne Nkout iron ore project in Cameroon, with almost half of that figure in the higher confidence indicated category.

The overall grade currently stands at 31.5%, although the most recent round of drill points to a portion being of higher grade direct shipping quality.

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